Acceleration of the Market With a Pipeline of Potential Projects Up Sharply to €844m (+581%)

By July 21, 2022 9   min read  (1543 words)

July 21, 2022 |

Fuel Cells Works, Acceleration of the Market With a Pipeline of Potential Projects Up Sharply to €844m (+581%)

HRS Announces 2021/2022 revenue: 60% growth to EUR 16.7M

  • Signing of 52 new stations during the year, notably under large-scale partnerships with major sector players;
  • order backlog of €60 million.

GrenobleHRS , a European designer and manufacturer of hydrogen refueling stations, presents its revenue for the 2021/2022 financial year (from July 1, 2021 to June 30, 2022).

 €000 2020/2021 H1 2021/2022 H2 2021/2022 2021/2022 Year-on-year change
Revenue (unaudited) 10,488 4,569 12,172 16,741 +60%
Hydrogen Stations* 8,327 3,824 11,030 14,854 +78%
Of which Industrial Piping and others 2,161 745 1,142 1,887 -13%

Recognition of revenue using the percentage-of-completion method


This year confirmed HRS’s change in dimension, illustrated by the marked acceleration of commercial development driven by market dynamics, which enables annual revenue amounted to reach €16.7 million, up 60%, including €14.8 million for the Hydrogen Stations segment, up +78%. During 2021/2022, HRS was indeed selected to design and manufacture 52 new-generation hydrogen stations, including the first 1 tonne/day stations, under defining large-scale partnership agreements for the development of infrastructure aimed at facilitating the rollout of hydrogen mobility. The Group’s main customers today are: Hype, TotalEnergies, Engie Solutions, Hympulsion, Hopium, Gaussin, Plug Power, Hygo, Haffner Energy and Sydev.

IIn detail, during the financial year, HRS began manufacturing and delivering the first stations, which contributed €13.2 million to 2021/2022 revenue. Together with the €1.6 million generated from the construction of stations ordered during the previous financial year. This performance, close to the ambition of doubling the revenue of hydrogen stations in relation to 2020/2021 revenues, confirms HRS‘s growth potential, especially since some projects initially planned for the financial year were deferred. This is the case notably for two 200 kg/day manufactured stations, under LOI, that should have contributed €1.7 million during the financial year, which would have made it possible to achieve the announced ambition, and which has been pushed back to the next financial year.

Meanwhile, the historical Industrial Piping business was down slightly as expected at €1.9 million due to the concentration of operational resources in the Hydrogen Stations business.


Contracts already signed for 61 stations out of the 100 targeted for 2025

The new partnerships and projects are fully in line with HRS’s bold development plan presented at the time of the IPO to build 100 stations over the 2021-2025 period. As a result, just 17 months after its IPO , the Group has already signed contracts for 61 stations to be deployed or already deployed.

This figure of 61 stations does not include the upcoming finalization of a commercial, industrial and technical partnership agreement with Engie Solutions for 15 hydrogen mobility projects.

In this context, order intake for the 2021/2022 financial year amounted to €72.6 million, bringing the total order intake since the February 2021 IPO to €83.3 million. As such, after deducting the revenue already recognized over the last two financial years, the order backlog amounted to €60.1 million as of June 30, 2022, to be recognized as revenue between 2022 and 2026.

New European development plans, illustrated by an increase in the number of large-scale calls for tender, which are changing the scale of the hydrogen mobility market

The European Commission recently unveiled the “IPCEI Hy2Tech” initiative to provide funding for over 40 projects in 15 Member States to accelerate the mass rollout of green hydrogen. Public funding could total €5.4 billion. The Commission estimates that domestic public aid of this nature could generate additional investment totaling €8.8 billion.

On June 30, the Italian Ministry of Transport also announced a national plan of more than €530 million to build a network of 40 hydrogen refueling stations on the road network[1] and to develop 10 stations for the hydrogen sector in rail transport.

In Spain, nearly €4.4 billion has been earmarked for a plan to roll out 150 hydrogen stations by 2030. A first €150 million call for projects was launched in 2022, with submissions filed in May and a response from the government services expected in September.

As a direct and indirect consequence, HRS is observing a very marked acceleration in the development of hydrogen mobility infrastructure, with many large-scale projects identified throughout Europe.

These new projects integrate a large number of stations, up to more than a hundred units, with larger capacities, to start addressing the hydrogen mobility of heavier vehicles.

A change of scale illustrated by a commercial pipeline up more than sixfold

HRS has leveraged its expertise to position itself in a significant portion of these projects, bringing the pipeline of identified projects to €844 million, a sixfold increase year on year. Up close, this commercial pipeline consists of:

  • several stations in the selection or final negotiation phase on calls for tenders representing potential revenue of €95 million (+315% year on year), for delivery between 2022 and 2026. Progress has already been made with key accounts on some of these projects, and they should come to fruition soon;
  • answered by HRS for additional stations to be delivered between 2022 and 2027, representing potential revenue of over €748 million (+641% year on year).


The Group is therefore pursuing its business plan aimed at being European leader in the design and construction of hydrogen refueling stations, with a focus on heavy transport. In particular, HRS has installed the first three new generation stations delivering three kinds of pressure (350, 350 HF and 700 bars) for TotalEnergies, Plug Power and the Vendée energy federation (SyDev). The Group’s management is pursuing its industrial and commercial deployment plan, particularly in the following areas:

  • The construction of its in Champagnier, near Grenoble. The work begun in 2021 is progressing at a fast pace and the deadlines are being met. The production center will be delivered at the beginning of 2023 and the offices at the end of the first half of 2023. This 14,300 square meter space, unique in Europe, on a 2.6-hectare site, will make it possible to meet the strong acceleration in demand by increasing production capacity to 180 stations per year, a unique test area, a hydrogen refueling station for all types of vehicles and green hydrogen production. The building will also be equipped with solar panels on a surface of 10,000 m². The building will be certified BREEAM Very Good, a certification method for the environmental and human performance of sites;
  • Intensive recruitment plan to support robust business growth in France and Europe. As part of the major recruitment plan 2021-2025, HRS has accelerated the structuring of its teams by hiring 28 additional employees year on year, including operating chain managers, a Technical Director, a Chief Operating Officer, and several specialist engineers. The Group has had 86 employees since the onboarding in June 2022 of 18 new employees from the acquisition and integration of AEI, a specialist in automation, electricity and monitoring and an established partner of HRS;
  • strategic partnerships and alliances in the sector in France and Europe. As part of this strategy, Burckhardt Compression and HRS have signed an agreement to pool their know-how to develop large-capacity hydrogen refueling stations. So far, the design of the 1 and 2 tonnes/day stations has been finalized, with the order of specific compressors produced by Burckhardt Compression (see press release). HRS is currently finalizing multi-year framework agreements with its partners to guarantee the supply chain for the 200 kg/day to 2 tonnes/day stations until 2025.
  • the deployment of a sales force in Europe, a business developer has been recruited for the Iberian market, with the forthcoming opening of a local office, and a partnership to develop the Italian market is being deployed. For fiscal year 2022/2023, the recruitment of business developers for the German-speaking and Northern European zones is a priority. In addition, HRS is studying the possibility of deploying in the Middle East where hydrogen mobility projects are emerging;
  • active participation in key organizations working towards the mass deployment of hydrogen mobility, such as France Hydrogène, European Clean Hydrogen Alliance, MENA Hydrogen Alliance and Hydrogen Europe. Adamo Screnci, Deputy CEO of HRS, is among others, chair of the Hydrogen Europe working group on hydrogen mobility, for the rollout of infrastructure on a European scale, and is a member of World Hydrogen Leaders.

HRS reaffirms its target of generating revenue of €85 million by June 30, 2025, aiming to deliver 100 new stations until then. The Group also confirms its target of achieving an EBIT margin before non-recurring items (EBIT/revenue) of around 20% by June 30, 2025 thanks to the leverage effect of growth on profitability.

Hassen Rachedi, HRS Founding Chairman & CEO said: “I would like to thank the employees and partners of HRS for their involvement and their exceptional work on a daily basis. It is a great satisfaction and pride to have them at my side for the past 18 years. They have all my admiration in view of the results obtained at the end of this fiscal year, only 17 months after our IPO. THANK YOU ”


Founded in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is pioneer in hydrogen mobility. European designer and manufacturer of hydrogen refueling stations, for over ten years, the Company has been committed to reducing transport emissions.

Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refueling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market. At its Champ-sur-Drac site, HRS has mass production capacities that enable it to assemble up to 60 units per year in record time, in as little as 8 weeks.

The Company posted 2021/2022 revenue of €16.7 million. As of June 30, 2022, the company had 86 employees. (ISIN code: FR0014001PM5 – ticker symbol: ALHRS).

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